Employees at every level feel the rising financial pressure. Research by the Center for Financial Services Innovation found that only 28% of Americans are considered financially healthy, leaving far too many employees in financial limbo, or worse, in mounting debt. The need for financial wellness is clear, and employees are seeking out help. The National Foundation for Credit Counseling found that four out of five U.S. adults say that they could use professional advice about basic financial issues. Offering a financial wellness benefit can show employees that you’re able to meet their needs, helping them feel more loyal to your brand and positively impacting your bottom line.
Holistic Health Includes Financial Wellness
Having financially savvy employees doesn’t just improve morale, it improves overall efficiency and performance. According to the World Health Organization, stress is estimated to cost American businesses up to $300 billion a year, with the biggest cause of stress being employees’ personal finances. Think of it this way, if 2019 is the year of better health, shouldn’t your financial wellness also improve? If you’ve invested in a financial wellness plan, such as an online platform or program, get your money’s worth! Encourage use and engage with employees, make sure they know what’s available to them. A successful financial wellness plan can keep employees healthy at work and on task, boosting productivity. The stakes are too high to ignore, with nearly a quarter (22%) of all Americans reporting that they worried about their food running out over the last 12 months. Providing a financial wellness plan that has the potential to resolve these fears is not only the best financial move for your business, it is a positive way to clearly enact core company beliefs. Set an example for employees, show them the high level of service your business values, and help retain key talent in the process. It’s high time to see financial wellness as more than just a passing fad, but instead as a way forward for both employers and employees. Financial wellness is necessary at every stage of life and career, from the day employees enter the workforce all the way through retirement.
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